Abbott Laboratories (NYSE:ABT) reported first-quarter earnings on Wednesday that met analyst expectations, while revenue came in slightly ahead of forecasts. However, the stock moved lower after the company issued softer-than-expected guidance for the current quarter.
Shares were down 3% in premarket trading as of 07:39 ET.
The company posted earnings of $1.15 per share for the first quarter, in line with consensus estimates, while revenue reached $11.16 billion, exceeding expectations of $11 billion. Sales increased 7.8% on a reported basis and 3.7% on a comparable basis.
“Our first-quarter results were aligned with our expectations to start the year,” said Robert Ford, chairman and CEO of Abbott. “The acquisition of Exact Sciences adds another high-growth business to the Abbott portfolio, further strengthening our confidence in delivering accelerating growth as we move through the year.”
Looking ahead, Abbott expects second-quarter earnings per share to range between $1.25 and $1.31, below the analyst consensus of $1.32.
For the full year, the company forecasts EPS between $5.38 and $5.58, compared with a consensus estimate of $5.47. This outlook includes a $0.20 dilution impact related to its acquisition of Exact Sciences, which was completed on March 23.
Abbott also anticipates full-year comparable sales growth in the range of 6.5% to 7.5%.